Affirm updates credit scoring

PayPal co-founder Max Levchin has raised US$45m for Affirm, a startup that lets retailers offer a credit option to online shoppers. The company “calculates the risk of borrowers based on a range of personal data including information gleaned from social media profiles as well as the cost of the items being purchased,” the Wall Street Journal reports. “It then determines what rate and structured payment makes sense to offer the customer.”